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AFRICOAST ENERGY LAUNCHED
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AFRICOAST ENERGY LAUNCHED

FOLLOWING significant growth in the renewable energy business, 
AfriCoast Engineers SA has developed a sister company to exapnd
its vision.
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Industry News

Allocations for reform of services in metros linked to performance targets – Ramaphosa

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In his newsletter on March 2, commenting on the Budget delivered the week before, President Cyril Ramaphosa said that R19.2-billion will be reallocated over the medium term to the reform of electricity, water, sanitation and solid waste trading services in metros, with these allocations to be linked to performance against clear targets. The Budget acknowledges that many municipalities are in financial distress, driven by weak revenue collection, poor management and substantial service delivery backlogs.

Nampak CFO resigns

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Packaging group Nampak has advised shareholders that CFO Glenn Fullerton has resigned and will step down from his role on August 31. During the remainder of his tenure, Fullerton will continue to perform his duties as CFO and will work closely with the board and executive management to ensure continuity and a smooth and effective transition.

Absa’s PMI loses ground in February

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The seasonally adjusted Absa Purchasing Managers’ Index (PMI) lost ground in February, with the headline index having declined from 48.7 to 47.4. Most of the PMI subcomponents remained broadly unchanged from January, but weaker business activity and a further decline in employment weighed on the headline index, the index reveals. 

Bidvest posts resilient results as trading profit increases by 7%

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Services, trading and distribution group Bidvest has reported that it delivered a commendable and resilient half-year performance in a competitive operating environment. For the six months ended December 31, the company reported that revenue growth, strong gross margin expansion and disciplined cost control resulted in a 6.9% increase in trading profit to R6.7-billion and a trading margin uplift to 10.1%.

Airline shares fall as US-Iran conflict disrupts travel, raises oil prices

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Airline shares plunged on Monday, with Hong Kong's Cathay Pacific and Australia's Qantas Airways down more than 5%, and European airline stocks indicated lower, after the US and Israel launched weekend strikes on Iran, disrupting travel and sending oil prices surging. Shares in Lufthansa and TUI were each indicated to open down nearly 12%.
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